Working Papers: Recent submissions
Now showing items 41-60 of 319
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(Vanderbilt University, 2009)The degree to which explicit inflation targets contribute to the success of price stabilization policies has not been conclusively established. To assess the impact of announced inflation targets on the effectiveness of ...
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(Vanderbilt University, 2009)This paper introduces a computationally efficient bootstrap procedure for obtaining multiplicity-adjusted p-values in situations where multiple hypotheses are tested simultaneously. This new testing procedure accounts for ...
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(Vanderbilt University, 2009)This paper identifies a new terms-of-trade externality that is exercised through tariff setting. A North-South model of international trade is introduced in which the number of countries in each region can be varied. As ...
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(Vanderbilt University, 2009)This paper studies price setting within a chain of grocery stores, using a scanner database that contains observations of retail prices for 435 products within 75 stores over 121 weeks. We find price dispersion within the ...
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(Vanderbilt University, 2009)This paper shows that the WTO's Article XXIV increases the likelihood of free trade, but may worsen world welfare when free trade is not reached and customs unions (CUs) form. We consider a model of many countries. Article ...
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(Vanderbilt University, 2009)The equivalence of markets and games concerns the relationship between two sorts of structures that appear fundamentally different -- markets and games. Shapley and Shubik (1969) demonstrates that: (1) games derived from ...
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(Vanderbilt University, 2009)This paper investigates the relationship between the exchange rate pass-through (ERPT) and inflation by estimating a nonlinear time series model. Using a simple theoretical model of ERPT determination, we show that the ...
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(Vanderbilt University, 2009)Why do people hold dollar denominated assets when higher rate of return alternatives are available? Can a country collect seigniorage payments from other countries in the long run? Does the supplier of the international ...
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(Vanderbilt University, 2009)A large body of evidence links financial development to economic growth, yet the channels through which inflation affects this relationship and its stability have been less thoroughly explored. We take an econometric and ...
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(Vanderbilt University, 2009)This paper provides sufficient conditions to ensure nonemptiness of approximate cores of many-player games and symmetry of approximate core payoffs (the equal treatment property). The conditions are: (a) essential ...
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(Vanderbilt University, 2009)An outcome of a game is partnered if there are no asymmetric dependencies between any two players. For a cooperative game, a payoff is in the partnered core of the game if it is partnered, feasible and cannot be improved ...
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(Vanderbilt University, 2009)Although the finance-growth relationship is now firmly entrenched in the empirical literature, we show that it is not as strong in more recent data as it was in the original studies with data for the period from 1960 to ...
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(Vanderbilt University, 2009)Data on U.S. mergers and aquisitions from 1987 to 2006 indicate that firms with high market-to-book values (i.e., Tobin's Q) tend to merge with firms that have lower Q's, but that target Q's are on average higher than those ...
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(Vanderbilt University, 2009)In this essay I propose that the adoption of the U.S. dollar as a common currency shortly after the ratification of the Federal Constitution and the accompanying transition from a fiat to specie standard was a pivotal ...
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(Vanderbilt University, 2009)Investment of U.S. firms responds asymmetrically to Tobin's Q: Investment of established firms -- `intensive' investment -- reacts negatively to Q whereas investment of new firms -- `extensive' investment -- responds ...
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(Vanderbilt University, 2009)In this paper we examine a dynamic model of the process by which multiple related lawsuits may be filed and combined; we also examine actions a defendant may employ that may disrupt the formation of a joint suit. Our initial ...
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(Vanderbilt University, 2009)We show that, in competition between a developed country and a developing country over environmental standards and taxes, the developing country may have a 'second-mover advantage.' In our model, firms do not unanimously ...
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(Vanderbilt University, 2009)Comparative static properties of the solution to an optimal nonlinear income tax problem are provided for a model in which the government both designs a redistributive income tax schedule and provides a public input into ...
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(Vanderbilt University, 2009)Empirical results obtained from the 2000 Census elderly migration data using a general gravity model of migration flows confirm earlier findings of the `same sign problem' in the literature, which means that the elderly ...
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(Vanderbilt University, 2007)While financial development and corruption control have been studied extensively, their interaction has not. We develop a simple model in which low corruption and financial development both facilitate the undertaking of ...